Kunal Shah’s fintech startup is finally getting serious about business—but can it grow revenue and pull off a mix of products in time to break even in the next nine months?
Kunal Shah has set an ambitious target for CRED to turn profitable by the end of the ongoing financial year, which ends 31 March 2024, according to three industry executives aware of the matter, all of whom asked not to be identified.
The five-year-old startup—which is the third-most valuable unlisted fintech company in India after Walmart-owned PhonePe and Tiger Global-backed Razorpay—was perhaps the poster child of the venture funding euphoria that peaked in 2021. From its $30 million seed round in mid-2018 to two rounds totalling over $450 million in 2021 alone, the credit card bill payment app soared on …
Ashwin covered fintech and banking at The Morning Context. Previously, he was at The Economic Times, where he worked across the finance, tech and startup verticals, breaking stories related to India’s banking system, startups in the new economy, digital payments, insurance and cryptocurrencies.
Writer
ashwin@mailtmc.com
Delhi